Wednesday, May 6, 2015

Current Law v HB 2814

No person, partnership, association, corporation, or other entity
except a licensee under this Act or an entity exempt from licensing
pursuant to Section 1-4, subsection (d), of this Act shall do any business
under any name or title, or circulate or use any advertising or make any
representation or give any information to any person, which indicates or
reasonably implies activity within the scope
of this Act.

New Carve out added for unlicensed entities:A
mortgage loan brokered, funded, originated, serviced, or purchased by a
party who is not licensed under this Section shall not be held to be
invalid solely on the basis of a violation under this Section. The
changes made to this Section by this amendatory Act of the 99th General
Assembly are declarative of existing law.